Suez CEO Calls Veolia Takeover Approach ‘Particularly Hostile’

Suez SA Chief Executive Officer Bertrand Camus said the takeover approach from its larger French rival Veolia Environnement SA is “particularly hostile,” further escalating tensions between the two water and waste-treatment powerhouses.

The “opportunistic and hasty announcement,” is “neither friendly nor obviously relevant,” Camus wrote in a letter to Suez employees that was seen by Bloomberg. “It denies the specificity of our values, our culture and our strategic plan.”

Veolia made a surprise offer on Sunday to acquire Engie SA’s 29.9% stake in Suez for $2.9 billion euros ($3.4 billion), the first step to a full takeover. Such a ...